Do i have to pay for a new appraisal if i change lenders?

Depends on program type and lender. Some lenders will allow for a transfer of the appraisal some do not.

Quite possibly, yes.. It depends on the lending program and it also depends on the new lender.. some lenders will not accept transferred appraisals.. and even if the lender does accept transferred appraisals, if while the new lender is underwriting your file and they find an error on the appraisal, or they need clarification on something, then at that point the appraisal is no longer valid and a new one would be necessary. As a rule of thumb based on my personal experience.. 80% of the time, you will need a new appraisal.. contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

It really depends on the lender. Many lenders will transfer your appraisal over to a new lender if they cannot approve your loan. You may be able to get them to transfer it anyways and it depends on the lender and if they have that option. You then have to make sure the new lender you are going to will accept the transferred appraisal. But if either lender cannot transfer or accept the appraisal then you would have to pay for a new one because the new appraiser has to get paid for the work that he will do to create an entirely independent appraisal from the one you have. You cannot even share that appraisal with the new appraiser. Good luck with the process.